These are the Top 5 used cars costing more than new models, thanks to chip shortages
Used-car prices have soared to record highs due to a microchip shortage, and a new study has pinned the average 1-year-old, lightly- used car price at 1.3% more than a new version.
Yet, some lightly-used vehicles have seen price jumps far greater than that, an iSeeCars.com analysis finds.
iSeeCars.com analyzed asking prices from over 1.5 million new and used cars sold from January 1, 2022 to January 31, 2022. It identified the top used cars that have the highest price increases over new model counterparts.
“While choosing a lightly-used car has traditionally been a cost-saving measure for car shoppers, that is no longer true in today’s market as the effects of plant shutdowns and resulting pent-up demand continue,” iSeeCars Executive Analyst Karl Brauer said in a news release. “The used vehicles that are commanding the highest increases over their new versions include a mix of two extremes: expensive gas-guzzling SUVs and more economical small cars and hybrids, which shows that even practical and budget-minded consumers are being forced to spend more for their vehicles.”
For the Sacramento metropolitan area, which includes Stockton and Modesto, here are the Top 5 used cars with prices that are more expensive than their new car prices:
Toyota Tacoma, $7,337 (18.8%) higher used than new
Toyota Camry, $3,961 (13%) higher used than new
Honda Civic sedan, $3,060 (12.3%) higher used than new
Toyota Corolla, $2,822 (12.2%) higher used than new
Dodge Charger, $4,659 (12%) higher used than new.
The Top 5 across the nation can be seen in the video above, with the Mercedes Benz G-Class leading the way with a $62,705 higher lightly-used car price.
This story was originally published February 16, 2022 at 12:07 PM.
